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Charter Hall Group (ASX:CHC) (Charter Hall or the Group) and the Foundation Investors of Commercial and Industrial Property Pty Ltd (CIP) today announced they have entered into binding documentation with ESR Developments (Australia) Pty Ltd (ESR) for the sale of CIP.

The sale price represents an enterprise value for CIP of $102.5 million, with the Group’s 50% share of net proceeds delivering a $9.5 million premium to Charter Hall’s carrying book value.

Charter Hall’s Managing Director and Group CEO, David Harrison said:

“Since the acquisition of a 50% shareholding in 2007, the partnership has been a successful strategy for both Charter Hall and CIP delivering an approximately 10% per annum average cash franked dividend to shareholders".

“The partnership has also contributed over $1 billion of pre-leased investments contributing to our now $6 billion of industrial and logistics investment assets, together with a further $1.5 billion development pipeline. The partnership has delivered high quality pre-leased industrial investments to major tenant customers such as Australia Post, VW, Ceva, AHG, Coles, Target, Reject Shop, Couriers Please and many others, with a total of 30 pre-leased industrial investments secured".

“Charter Hall now has a fully integrated internal development capability, which has led to the decision of all shareholders to realise our investment in CIP. I would like to wish Paul McKenna, Therese Lynch and the CIP management team continued success with their new owner, ESR. I also acknowledge the strong working relationship we have enjoyed with foundation shareholders Paul, Therese and Dennis Santilli,” Mr Harrison added.